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Tax Incentive: With a home equity loan, you receive an income tax deduction on the interest and principal paid. To encourage more people to buy their own homes, the Government of India provides tax deductions on the principal and interest of home loans. An individual is entitled to a deduction of up to Rs 1.5 million in a financial year under Section 80C of the Indian Income Tax Act, 1971.
Freedom from Prepayment Charges: Unlike some loans that impose penalties for early repayment, floating-rate home loans come with no prepayment penalties. It's worth noting, though, that prepayment charges may apply to floating-rate home loans.
Seamless Balance Transfer Option: Home loan borrowers enjoy the flexibility to transfer their loan to a different lender, provided the new lender offers a more attractive interest rate.
High repayment period: The home loan repayment period is the longest of all loans, up to 30 years, and by extending the repayment period, you can reduce the burden of equal monthly repayments. Use the Home Loan EMI Calculator to see how your EMI changes when you change the term of your home loan
Read on to know the criteria required to apply for our Home Loan In Vapi.
The eligibility criteria to apply for a Home Loan from Shivay Financial Consultants are as follows:
1. Age Requirement: Applicants should be within the age range specified by Shivay Financial Consultants, typically between 21 and 65 years.
2. Income: The applicant's monthly or annual income is a crucial factor. Shivay Financial Consultants may have a minimum income requirement for Home Loan eligibility.
3. Credit Score: A satisfactory credit score is essential. Typically, a credit score of a certain threshold, such as 750 and above, may be preferred.
4. Employment Type: The nature of employment, whether salaried or self-employed, may be considered in the eligibility criteria.
5. Collateral Security: The availability of collateral or security for the loan may be required, depending on Shivay Financial Consultants' policies.
6. Margin Requirements: The loan-to-value ratio or the margin required for the loan amount in relation to the property value may be a determining factor.
7. Assets and Liabilities: A thorough evaluation of the applicant's assets, liabilities, and overall financial stability may be considered.
8. Occupation Stability: The stability and continuity of the applicant's occupation or business may be assessed.
9. Residency Status: Shivay Financial Consultants may specify the eligibility criteria based on residency status, distinguishing between Resident Indians and non-resident Indians.
It's important for prospective borrowers to directly check with Shivay Financial Consultants or visit our official website for the most accurate and up-to-date information on Home Loan eligibility criteria. Additionally, applicants may inquire about any specific documents required during the application process and other terms and conditions associated with Home Loan approval from Shivay Financial Consultants.
Income Proof Documents
The following documents are required in order to apply for a home loan from Shivay Financial Consultant:
Photo Identity Proof (Any one):
Address Proof (Any one):
Proof of Income:
For Salaried Professionals:
For Self-Employed Professionals / non-professional:
For Parntership Firm:
For Private Limited Company:
The monthly part-payment that you make to repay your Home Loan is known as an Equated Monthly Instalment (EMI). This monthly payment includes repayment of the principal amount of your loan divided over the period of the loan, with the agreed interest amount on the outstanding amount of your home loan. Shivay Financial Consultant online Home Loan EMI Calculator is essential to make an up-to-date decision to execute your Home Loan Plan at optimum levels. This EMI calculator online aids you to perform complex computing functions to calculate your Home Loan Equated Monthly Instalment accurately in an instant.
The fees and charges of Home Loan In Vapi usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to Home Loan In Vapi:
| Particulars | Charges |
|---|---|
| ROI | Starting at 8.90% |
| Loan Cancellation | 1% of loan amount |
| Stamp Duty Charges | Payable as per the state law |
| Penal Charges | 2% per month of unpaid EMI or Rs 300, whichever is higher |
| Loan rescheduling charges | Rs 300 |
Other fees and charges that lenders may levy on your home loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.
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011 35742201
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